• Fast Track

    • Fast Track Image

      You could buy your first home sooner and save on mortgage insurance

      Ideal for: First home buyer

      The support of family is priceless and when they’re happy to act as guarantors on your property purchase, they could help you buy your home quicker than you thought and save you thousands in mortgage insurance.

      With RAMS Fast Track not only can you borrow the full purchase price (or valuation if lower) but you could also save thousands in lender’s mortgage insurance costs. A Guarantor – a parent or sibling of the applicant - simply needs to provide RAMS with a limited guarantee supported by a registered mortgage1 over their property, for an agreed amount calculated as a percentage of the loan amount taking into account the property purchase price (or valuation if lower). This could allow you to borrow the full purchase price plus costs without paying lender’s mortgage insurance.

      Key benefits for the borrower:

      • Depending on your circumstances, there maybe no need to save a deposit. Where the LVR exceeds 85% evidence of 5% genuine savings is required.
      • Could save yourself thousands on lender's mortgage insurance costs.
      • Available on home loans for owner occupier plus investment purposes (excludes Line of Credit and Self-employed Self-employed loans). Can be used for Construction purposes where a fixed price contract and plans are supplied.

      Key benefits for the guarantor:

      • Only liable for the agreed amount under the guarantee (i.e. not the full loan amount) plus reasonable enforcement expenses.  
      • Not liable for scheduled monthly repayments.
      • RAMS will consider a borrower's application to release the Guarantor. In exercising its discretion, RAMS will take into consideration the LVR and RAMS lending criteria applicable at the time. Fees apply.

      Glossary - Guarantor

        Ideal for
        Interest rate p.a.
        Comparison rate* p.a. A nominal interest rate incorporating certain fees and charges to help consumers identify and compare the true cost of a home loan
        Min loan

        Full Feature Home Loan

        All you'll ever need in a home loan

        Owner-occupiers, first home buyers, refinancers  Popular5.55% Variable5.62% $15,000Yes

        Fixed Rate Home Loan

        The easy way to fix your loan

        First home buyers, investors.4.19% 2 year
        fixed rate
        5.39% $15,000Yes

        Low rate home loan

        No fuss, no frills, low rate

        First home buyers, owner occupiers  Popular4.65% 4.71% $15,000Yes
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      * Please note: The comparison rate is calculated on a secured loan of $150,000 with a term of 25 years with monthly principal and interest repayments. WARNING: This comparison rate is true only for examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. ^myRAMS is not available to Companies and Trusts and is subject to systems availability.

      Fees, conditions, limitations and lending criteria apply. Maximum LVR subject to loan serviceability.  1 The mortgage provided by the guarantor must either be a registered first mortgage, or a registered second mortgage behind an Australian Financial Institution provided the first mortgage does not secure a reverse mortage.  Other conditions apply.  

      The borrower must also provide a mortgage over the property they are purchasing.